Sterling down on Eurozone woes

Sterling lost 0.8 percent to hit a session low of $1.5486 against the dollar, the lowest level in a week, pulled down by weakness as Spain's borrowing costs jumped to new highs.

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Germany's credit rating warning

Germany and the Netherlands have been put on negative ratings watch by Moody's. It is after increased fears about Spain's economy sent markets tumbling after news that the country was pushed deeper into recession and a step closer to a formal bailout